SHANGHAI B shares were mostly lower in light trading yesterday as investors awaited two new share issues which have become the focus of attention over the past two weeks.
'There is no money in the secondary market at the moment,' said Newman Mou, a trader with Smith New Court Far East.
The Credit Lyonnais Shanghai B Index fell 2.17 points, or 0.25 per cent, to 860.95 on trading worth US$4.14 million. The A-share index suffered a much worse fate, losing 270.61 points, or 7.5 per cent, to close at 3,336,56.
Among active stocks, real estate developer Outer Gaoqiao fell 1.3 per cent to 75 cents on trading worth $940,000.
'People are looking ahead to the listing by Lujiazui,' Mr Mou said.
Both Outer Gaoqiao and Lujiazui are named after development zones in Shanghai's Pudong district. Lujiazui is expected to list B shares by the end of December.
New share listings have become the target for investors because they are seen as the chance for short-term profits which cannot be matched in the secondary market.
